Akshata Sharma
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UK-based Vodafone Group Plc is reportedly looking to invest as much as Rs 3,000 crore of equity in its Indian telecom joint venture (JV) Vodafone Idea Ltd., Moneycontrol reported.
The report comes after the UK-based company announced that it had sold an 18% stake in Indus Towers for €1.7 billion (approximately Rs 15,300 crore). Indus Towers shares were sold by Vodafone Plc in the price range of Rs 315.99 to Rs 325 per share.
According to the people cited, while the funds raised through the block deal were largely meant for repayment of loans taken against Indus shares as collateral, with further monetisation of its Indus stake, by way of the possible stake sale to Bharti Airtel, Vodafone Plc is planning to plough back a significant amount of capital into Vodafone Idea. If a transaction with Bharti Airtel is executed at the same price range as the block deal, Vodafone Group could garner a further Rs 2,500 crore
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